Major Crypto Market Fall, Bitcoin Goes Below $3,900

As of yesterday, the cryptocurrency market has seen the unexpected year-end fall in prices for the top 20 cryptocurrencies except a few that showed some upward trend. Bitcoin registered a downward surge to $3,900 once again, as per the data shared by Coin360.

Coin360 is an interactive cryptocurrency infographic created to display current data on the cryptocurrency market, indicating the cryptocurrencies market capitalization, exchange rates, and live prices.

At the time when the news was released, Bitcoin was fraction down with a trading price at around $3, 885. As per the chart, the base price is comparatively less when compared with Monday’s high of $4,271 which eventually came down to $4,011. The current price is however high when compared to $3,642 which was registered on Friday, end of the day.

Ripple (XRP) which is the 2nd largest cryptocurrency market by capitalization was somewhat stable and was trading around $0.399. On the average weekly chart, the price went high to $0.367; it was the same price at which the coin started that week. However, this is relatively lower when compared with the mid-week index which was at $0.446.

Ethereum (ETH) has the third-largest market capitalization in the cryptocurrency market. It is currently estimated around $14.380 million, while Ripple’s market capitalization is around $14.936 million.

Ethereum has witnessed a little above 2 percent increase of value since yesterday. During the release of the news, ETH was constantly trading around $139, with a starting price of $136, starting off the day. Similarly, as per the weekly chart, the current trading price is over $129 which was actually the value of ETH, end of last week but is low when compared to the Monday sudden high of $157.

When compared to rest of the top 20 cryptocurrencies, the ones reporting major gains apart from Ethereum are EOS and Dash which are trading at nearly 3 percent high along with Cardano trading at 1 percent high and finally NEM which is up by .75 percent. As of now, the biggest gainer is NEO which is trading around 3.5 percent and also leading the market.

The market capitalization, when combined together of all cryptocurrencies, stands at $130 billion which has seen the loss of about $3 billion early this week but again regained of about $10 billion since Wednesday to an unexpected mid-week fall of $120 billion. The total crypto market by capitalization has seen the loss of about $17 billion when compared to its $147 billion high reported earlier this Monday.

As per a report from Cointelegraph, producer of GPU or graphics processing unit Nvidia has been slapped with a lawsuit because of the losses reported by miners following the sudden crash in the cryptocurrency market with falling demand in GPUs. Since the crash, the stock price of the company lost almost 54% of its net value, eventually becoming the worst performer.

As per one more news agency, producer Bitmain of ASIC is looking forward to cutting short its workforce by over 500 employees and completely stop its mining operation following the resignation of its CEO, as per Chinese media.

Kathleen Rhea is a news writer based on New York. She is passionate about the world of cryptocurrencies, technology and public use cases of the blockchain. She follows leading crypto coins such as Bitcoin, XRP, NEO etc and very good at analyzing the market. In her free time, you can find her, learning new languages and travel a lot.

You can also mail her/him at [email protected] to discuss anything related to her/his reports.

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